This is the third article in a three-part series that examines five of the most popular Bitcoin hardware wallets. Read the first part, focused on the wallets’ physical safety and outward appearance here[1]. Read the second part, focused on simplicity, accessibility and privacy, here[2]. By request, samples were provided by some of the companies for review purposes.
After assessing the physical sturdiness, appearance, simplicity, accessibility and privacy of five of the leading hardware bitcoin wallets on the market, it’s time to analyze arguably the most important feature of all: security.
There are plenty of convenient features and integrations to be found in hardware wallets, but none of them are as valuable and important as the efficiency with which they secure your bitcoin. The main expectation of the device is not to enable Bluetooth connectivity or seamlessly integrate with a trading platform, but to serve its base function of keeping coins safe and away from hackers’ malevolence. Just like a mobile phone should be able to make calls before running 3D video games, a hardware wallet is supposed to offer robust cryptographic security.
Thankfully, the devices scrutinized in this three-part analysis are the five best options available on the market, so any security compromises in favor of extra features are minimal. Furthermore, the hardware wallets covered in this review were not arbitrarily chosen — they each benefit from the positive recommendations of bitcoin.org[3]. In no particular order, these devices are Trezor Model T, Ledger Nano X, ShapeShift’s KeepKey, Shift Cryptosecurity’s bitcoin-only BitBox02[4] and Coinkite’s Coldcard Mk3[5].
How to Assess Hardware Wallet Security
In the context of hardware wallets, there are multiple types of “security” and many complex issues that have to be taken into consideration.
First
